中国股市个体投资者羊群行为影响因素分析  

The Influence Factors Analysis of Individual Investors' Herd Behavior in China's Stock Market

作　　者：李新路[1] 韩志萍[2] 

机构地区：[1]山东经济学院,济南250014 [2]中央财经大学,北京100081

出　　处：《中央财经大学学报》2007年第6期35-39,45,共6页Journal of Central University of Finance & Economics

摘　　要：中国股市投资者表现出显著的羊群行为,心理因素是投资者羊群行为产生的主要原因,情绪、股票历史收益率和股票规模等也是影响投资者行为的重要因素。本文利用我国股市个体投资者交易数据,对影响投资者羊群行为的因素进行了实证研究,探讨了我国股市个体投资者羊群行为的特征。Investors in China＇ s stock market demonstrate very remarkable herd behavior which is caused primarily by psychological factor, the emotion, stock historical returns and stock size are also the important factors which effect the investors＇ behavior. Using data of Chinese individual investor, this study analyzes empirically the influence factors of investors＇ herd behavior, and discusses the characteristics of individual investors＇ herd behavior in our country＇s stock market.

关 键 词：个体投资者 羊群行为 股票规模 

分 类 号：F830.91[经济管理—金融学]